Project Management Risks

Part of project management is determining what risks your team will face as they progress. Whether you are starting a new project or working on an existing one, it is a good idea to identify the risks your project will encounter as it progresses. A few key areas to look into: Complexity, Budget, Trends, and Project Comparisons.

Complexity is determined by examining the types of dependencies your project has. Do you need any help from outside the team? Do you know if team members are familiar with the technology being used, or will training be required? Do you have the proper resources necessary for success, both physical and virtual?

The budget requires the project manager to review the currently allocated funds and verify that they are sufficient. Time and budget often go hand in hand, so it is essential to ensure the estimates align with the budget. Do you have any cases that may indicate potential cost overruns?

Industrial trends can lead you to determine if your project is competitive. Ensure that you are not performing tasks or using technology that hinders the project’s progress. For instance, today’s trend promotes the use of Artificial Intelligence in the workplace. How is it being used, and is there a chance your team can leverage the technology as well?

One of the key risk assessments is comparing your current project to past projects, especially those with apparent failures. Project managers need to learn from past failures, as this also helps in identifying potential risks for current projects.

No project will be perfect, but being able to identify risks ahead of time will prevent your team from having to make changes or pivot at crucial moments during the project’s lifecycle.